This site is designed to give the best possible information about Short Sales. Learn about buying short sale properties, selling homes as short sales, and how to find Short Sales for Sale online.
Buying Short Sales
Buying Short Sales can be a great way to purchase real estate below market value. In most cases, purchasing a short sale home takes a lot of patience as the process is very complicated and requires a slow approval process by the sellers lien holders. The first step to buying short sale homes is to start looking for the online.
These resources give you the best search features to find short sale homes for sale in the major metro areas of the US. Nearly all short sale properties are listed for sale, and are found on local MLS’s. The link below will give you access to a complete short sale and foreclosure search provided by Zip Realty. This search includes information about the short sale properties for sale including: detailed property descriptions, multiple pictures, neighborhood information, map search features, and even market conditions. Click this link to begin your search for homes for sale:
Selling as a “Short Sale”
For some homeowners, the only option when it comes to selling is to sell as a “short sale”. With the recent boom, then bust of the real estate market many borrowers purchased, or refinanced homes when their supposed worth was far more than their current value. Many of the properties purchased during the housing boom were also purchased with little or no money down. With a decline in home values in most US areas, this leads to no or negative equity.
Life Happens. Sometimes people lose a job, go through a divorce, have a loss in income, or experience other hardships that require they sell their homes. Selling homes costs money. After real estate and title fees the average seller pays about 7% of the homes value as closing costs. When sellers have no equity and very little savings they have no choice but to short sale.
With a short sale, the mortgage note holder forgives, or defers a portion of the debt to allow the home to sell. Each bank has different guidelines and policies regarding short sales. Some lenders will only approve short sales if the borrower is behind on their payments and can demonstrate a legitimate hardship. Banks typically will not allow a seller to receive any proceeds from short sales.
Selling a home as a short sale can be very challenging and time consuming. It is essential that sellers use an experienced, competent, real estate agent. Selling as a short sale can also have tax and credit consequences.